G-20 Statement to Say Won’t Target Currencies, Official Says

Feb. 16 (Bloomberg) -- The Group of 20 Nations will pledge
not to target exchange rates to improve competitiveness,
according to a G-20 official.

Reading from a draft of the G-20 communique to be published
in Moscow later today, the official said nations will reiterate
a commitment to move “more rapidly” toward market-determined
exchange-rate systems and exchange-rate flexibility
to reflect underlying fundamentals and avoid persistent
misalignments.

G-20 nations will also reiterate that excess volatility in
financial flows and disorderly movements in exchange rates have
adverse implications for economic and financial
stability, the official said on condition of anonymity. G-20
nations will refrain from competitive devaluation and “will not
target our exchange rates for competitive purposes,” the draft
statement says, according to the official.